Done Deal: GE coming to The Banks

Cincinnati and Hamilton County have cleared the way to bring General Electric's Global Operations Center to The Banks.

City Council and the County Commission Monday morning approved several packages of incentives cementing the deal. GE is expected to bring nearly 1,800 jobs with an average total payroll of $142 million per year.

Hamilton County Commissioner Greg Hartmann says, "This work really shores up the multi-billion dollar investment that we have in The Banks project. It's going to give us the dollars, through parking revenues, to finish this project, which we've promised, for a long time, to taxpayers. And it really makes sure that our investment that we already have down in the riverfront is solid."

GE is opening temporary offices in the Atrium Two building downtown. Construction on the new space could begin in the fall and the facility is expected to be fully operational by 2017.

Projections:

New jobs: 1,800 by 2017

Indirect jobs: 2,537 by 2017-2018

Operations impact: $1 billion/year by 2018

Property taxes allocated to Cincinnati Public Schools: $6.8 million in the first 15 years

Sales tax revenue increases: $8,834,000

New tax revenue: $1.9 million by 2018

Parking revenue to Hamilton County: $26 - $35 million over 15 years

The Banks is currently considered the largest public/private partnership project in the country.